IEA: Global Oil Consumption To Fall A Record 8% This Year

In its annual Global Energy Outlook, the International Energy Agency said on Tuesday that the oil market would be hit by the coVID-19 pandemic for a long time and that it would take several years for oil demand to recover and peak at a lower level.

It expects global oil consumption to fall a record 8 per cent this year before returning to pre-epidemic levels by 2023, assuming the outbreak is brought under control next year, the IEA's most optimistic scenario.

Even in this scenario, the epidemic will have long-term effects. The IEA reiterated its view that global oil demand would peak around 2030, but at a lower peak than last year's forecast.

It forecasts that global oil consumption will grow by an average of about 750,000 b/d a year over the next decade, peaking at 10.32bn b/d by 2030, about 2m b/d less than forecast in last year's report.

"The era of global oil demand growth will come to an end in the next decade," FatihBirol, IEA executive director, said in the report.

It also warned that growth in oil demand could be only a few years away if the global economy recovers slowly from the outbreak and causes lasting damage.

The IEA forecasts that global oil demand growth will slow to just 100,000 b/d a year after 2030.

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